MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • First mortgage-to-rent scheme concluded
Uncategorized
Feb 7, 2012 - 16:56

First mortgage-to-rent scheme concluded

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
First mortgage-to-rent scheme concluded

The Government has concluded the first transaction under a new mortgage-to-rent scheme, which will see a housing association take over a home owned by a family facing repossession by a bank.

The family will now rent the home from the approved housing body Cluid. It is understood the bank involved is GE Money.

As part of the deal, the lender has written off a significant portion of the debt associated with the original loan. GE has provided a new loan to the housing body Cluid to buy the home in West Dublin which allows the original occupiers to remain in the property.

The family have surrendered the home and become social housing tenants. The deal has been negotiated with the New Beginning group and the Department of the Environment.

Advertisement

The Housing Minister Jan O'Sullivan told RTÉ News that there could be up to 100 distressed borrowers who may be in a position to avail of the scheme.

The mortgage-to-rent programme is targeted at homeowners whose properties could be suitable for social housing.

To qualify, the borrowers must have unsustainable mortgages and face repossession from banks. They must agree to surrender their homes and then rent them from an approved housing body which would then take control of the property.

The Department of the Environment provides 25% of the equity for the new loan.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Cluid
  • Department of the Environment
  • GE
  • government
  • Housing Minister
  • Jan O'Sullivan
  • mortgage to rent scheme
  • New Beginning
The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement